PETROCARIBE starts bearing fruit

The signatories of the energy cooperation agreement PETROCARIBE, an initiative boosted by Venezuela, are holding their third summit meeting here to analyze the concrete results of the project, founded in June 2005.

In about two years, PETROCARIBE has consolidated its position. Rather than a simple oil supply contract, PETROCARIBE has boosted technological development, transportation, refining and fuel storage.

According to sources from the state-owned company Petroleos de Venezuela S.A. (PDVSA), the setting up of its branch PDV Caribe has fostered the creation of joint ventures in several countries involved in PETROCARIBE.

One of those companies is ALBA PETROCARIBE Belize Energy Limited, in which PDV Caribe owns 55 percent of the stocks and Belize Petroleum and Energy Ltd. owns the rest.

In Cuba, the joint venture PDV CUPET was set up. In the new company, PDVSA Cuba S.A. a branch of PDVSA owns 49 percent of the stocks, while Comercial CUPET a branch of Union Cubana de Petroleo owns 51 percent.

PETROCARIBE Jamaica Ltd. operates in Jamaica, where PDV Caribe owns 49 percent of the stocks, while the local company PETROCARIBE Corporation of Jamaica owns 51 percent.